just checked it again setting delay time to 2000ms. Hitting a chord and then immediately press 'hold'. But I only hear a very short (staccato like) section of the sound repeated with the hold engaged. Not the long repeat that you would expect. I am doing something wrong? Maybe some modifier or midi settings are wrong (I am using the default modifier settings)? Can someone check this on their machine?
It loops the delay interval ending with when you pressed hold. So if you press it 200 ms later, you'll get 1800 ms of silence then 200 ms of your chord. If you wanted to adjust this you could use modifier damping to delay the hold activation.